PMI – RMP Practice Test
The outcomes of risk management planning are _______________.
Correct answer: documented in the risk management plan
The risk management plan documents the outcomes of risk management planning. The plan's purpose is to provide all project stakeholders with a shared understanding of how the project's risk-related activities will be handled, what has been agreed upon, and a description of each stakeholder's involvement and responsibilities in these activities.
The risk owner should choose a suitable strategy for each individual risk based on _______________________, ensuring that the strategy is achievable, affordable, cost effective, and appropriate.
Correct answer: its characteristics and assessed priority
The risk owner should choose a strategy that is appropriate for each individual risk based on its characteristics and assessed priority, ensuring that the strategy is achievable, affordable, cost effective, and appropriate.
Stakeholders are people or organizations who are actively involved in the project or _________________________.
Correct answer: may affect or be affected by the project
Individuals and organizations who are actively involved in the project or who may affect or be affected by the project are referred to as stakeholders.
A missed activity completion date may necessitate budget and schedule adjustments and trade-offs. What can be done to reduce control over the head?
Correct answer: management through exception procedures and other techniques can be considered
Project management processes such as project scope management, project time management, and project cost management are included in the Monitoring and Controlling Process Group.
Typically, the organization specifies risk-rating rules in advance of the project and includes them in __________________.
Correct answer: organizational impact assessment
Typically, the organization specifies risk-rating rules in advance of the project and includes them in organizational process assets. Risk rating rules can be tailored to the specific project during the Plan Risk Management process.
Project risks can be classified according to the source of the risk, for example, the area of the project affected, using the WBS, or other useful categories such as project phase, to determine the area of the project most vulnerable to the effects of uncertainty. Risk is also classified as_______________________.
Correct answer: common root causes
Risks can be classified based on their common root causes. This technique aids in the identification of work packages, activities, project phases, or even project roles, which can lead to the development of effective risk responses.
You learn that a new external regulation has been discovered, increasing the risk of completing your project on time and within budget. You make a decision about how you will deal with any risks that arise. Which of the following responses is currently being used?
Correct answer: Acceptance
This response entails deferring action until the risk occurs. Acceptance strategies are classified into two types. The first is passive, while the second is active.
Addressing risks requires a portion of status meetings or a separate meeting. Risks should be treated seriously, rather than as an afterthought. _____________suggests a weekly risk-management meeting.
Correct answer: PMI
The PMI recommends a weekly risk-management meeting. Throughout the project's life cycle, stakeholders will be able to identify newly discovered risks through periodic meetings.
All of the conditional response plans, as well as any residual risks, will have an impact on the project's schedule, budget, and/or performance objectives if they occur. To allow for these eventualities, ____________________ must be set aside.
Correct answer: An amount of time and cost
A certain amount of time and money must be set aside to account for these possibilities. This sum is divided into two parts: those for specific, approved conditional responses (contingency plans) and those for unspecified or passively accepted risks.
Developing a habit of sharing qualitative data and actively seeking new perspectives for improvement will accomplish which of the following?
Correct answer: strengthen your strategy
Developing the habit of sharing qualitative data and actively seeking out new perspectives for improvement will help to strengthen your strategy. This is the new context in which project managers should work, leaving behind old assumptions about secondary analysis that are no longer threatening.
The project manager wishes to use the risk rating rule. Which of the following answers the same question?
Correct answer: Organizational process assets
OPA can provide risk ratings such as low, medium, and high definitions.
As part of the risk control process, the project manager should keep the risk register up to date with information on risk reassessment, risk audits, and periodic risk reviews. What else can the risk register be updated with?
Correct answer: Actual outcomes of the project's risks and of the risk responses.
The outcome that can have an impact on the project objectives and the risk response that must be overcome.
You declined a proposed change request due to the risk it entailed. Where should the rejected change request be documented and saved?
Correct answer: Change request log
The outcome of the change request should be recorded in the change request log.
What is the result of the qualitative analysis process?
Correct answer: Project document updates
The outcome of qualitative risk analysis is an update to the project document, which includes numerically assigning values to the project objectives regarding overall impact.
The project is expected to last 18 months. Management inquires of the project manager how frequently the project team participates in risk reassessment in this project. What should the project manager tell management if he is adhering to risk management best practices?
Correct answer: Project risk management is an agenda item at every status meeting of the project team.
Risk management should occur throughout the project, and the best practice is to do so during the status meeting.
In risk management books, what is another name for positive risks?
Correct answer: Opportunities
When the risk is favorable, it represents an opportunity.
You are facilitating risk response analysis with your team members, as well as understanding of each response from the team's perspective. Which of the following activities do you engage in?
Correct answer: Risk audits
Risk auditing aids in determining the effectiveness of risk response and overall risk management.
Which of the following techniques investigates the extent to which organizational strengths outweigh opportunity and threat while considering risk?
Correct answer: SWOT Analysis
The analysis of the organization's strengths, weaknesses, opportunities, and threats provides assets.
You are the project manager for a project, and your team has identified a risk that could cause the project to be delayed by more than a month. You don't want this risk event to occur, so you plan additional project activities. The extra steps, on the other hand, will cost the project an extra $10,000. What kind of risk response strategy is this?
Correct answer: Mitigation
Mitigation is the process of reducing the impact on project deliverables.
Which process ensures that if any changes are to be implemented following risk analysis, they are done so in a controlled manner?
Correct answer: Integrated change control
All changes are addressed by the Change Control Board through an integrated change control process.
Which of the following is an example of a force majeure situation?
Correct answer: Natural calamity
Natural disasters (such as a flood or earthquake) are examples of force majeure because they are beyond your control.
Which of the following statements is correct?
Correct answer: Fast-tracking increases risks
The risks of fast-tracking increase, as does the cost of the crashing technique. Although the crashing process raises the risks, it is less dangerous than fast-tracking.
A risk that is the result of a previously identified risk's response is referred to as a:
Correct answer: Secondary Risk
Secondary risks are those that may arise as a result of implementing any identified risk response.
Which of the following is the least likely to cause conflict in projects?
Correct answer: Low Salary
Conflicts in projects are primarily caused by schedule priorities, scarce resources, and personal work styles. A low salary does not cause conflict.
Correct answer: Explains the 80-20 principle
Pareto diagram is also referred to as the 80-20 principle. According to Pareto, 80% of problems are caused by 20% of the sources.